Fla. businessman guilty in investment scheme

The former chief of a South Florida-based international construction materials company has pleaded guilty to a multimillion-dollar investment scheme.

Court records show 54-year-old Claudio Osorio pleaded guilty this week to wire fraud and money laundering conspiracy charges. He faces a total maximum possible sentence of 50 years behind bars when he is sentenced in May.

Osorio was owner and main shareholder of Miami Beach-based Innovida Holdings, which made fiber composite panels for use in construction. Prosecutors say Osorio raised more than $40 million from investors by misrepresenting the company's financial health and profitability.

Prosecutors say Osorio also obtained a $10 million loan from a U.S. government entity for projects to help rebuild Haiti after the 2010 earthquake. Again, the loan was obtained using false representations about Innovida's finances.